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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Fair Value of Plan Assets and Major Categories
The fair value of plan assets and major categories as of December 31, 2019, is as follows:
 
Description
  
Percent
  
NAV
   
Level 1
   
Level 2
   
Level 3
   
Total
 
(dollars in thousands)
                       
Collective Funds
  
 
8.3
% 
 
$
—  
 
  
$
4,289
 
  
$
—  
 
  
$
—  
 
  
$
4,289
 
Equity Securities
  
 
9.7
% 
 
 
—  
 
  
 
5,016
 
  
 
—  
 
  
 
—  
 
  
 
5,016
 
Diversified Mutual Funds
  
 
31.1
% 
 
 
—  
 
  
 
16,081
 
  
 
—  
 
  
 
—  
 
  
 
16,081
 
  
 
 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total investments measured in the fair value hierarchy
  
 
49.1
% 
 
 
—  
 
  
 
25,386
 
  
 
—  
 
  
 
—  
 
  
 
25,386
 
Investments measured at net asset value (1)
  
 
50.9
% 
 
 
26,274
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
26,274
 
  
 
 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
  
 
100.0
% 
 
$
26,274
 
  
$
25,386
 
  
$
—  
 
  
$
—  
 
  
$
51,660
 
  
 
 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(1)
In accordance with Subtopic
820-10,
certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.
 
The fair value of plan assets and major categories as of December 31, 2018, is as follows:
 
Description
  Percent  NAV   Level 1   Level 2   Level 3   Total 
(dollars in thousands)                       
Collective Funds
   5.6%  $—     $2,504   $—     $—     $2,504 
Equity Securities
   10.9%   —      4,863    —      —      4,863 
Diversified Mutual Funds
   30.7%   —      13,612    —      —      13,612 
Short-term investments
   0.1%   —      60    —      —      60 
  
 
 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total investments measured in the fair value hierarchy
   47.3%   —      21,039    —      —      21,039 
Investments measured at net asset value (1)
   52.7%   23,398    —      —      —      23,398 
  
 
 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   100.0%  $23,398   $21,039   $—     $—     $44,437 
  
 
 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(1)
In accordance with Subtopic
820-10,
certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.
Schedule of Investments Measured Using Net Asset Value Per Share Practical Expedient
The investments measured using the net asset value per share practical expedient as of December 31, 2019, is as follows:
 
(dollars in thousands)  
Percent
  
Fair
Value
 
Collective Funds by Category:
   
Equity
  
 
19.3
% 
 
$
9,932
 
US debt securities
  
 
15.2
% 
 
 
7,874
 
International equities
  
 
10.1
% 
 
 
5,208
 
Limited Partnerships by Category:
   
Emerging markets
  
 
3.2
% 
 
 
1,635
 
Multi-strategy
  
 
1.2
% 
 
 
644
 
Hedge Funds by Category:
   
Global opportunities (2)
  
 
0.5
% 
 
 
259
 
Private investment entities and/or separately managed accounts (3)
  
 
1.4
% 
 
 
722
 
  
 
 
  
 
 
 
  
 
50.9
% 
 
$
26,274
 
  
 
 
  
 
 
 
 
The investments measured using the net asset value per share practical expedient as of December 31, 2018, is as follows:
 
(dollars in thousands)  Percent  Fair Value 
Collective Funds by Category:
   
Equity
   20.8%  $9,204 
Diversified
   0.0%   —   
US debt securities
   12.1%   5,386 
International equities
   9.7%   4,311 
Limited Partnerships by Category:
   
Emerging markets
   2.9%   1,289 
Multi-strategy
   1.9%   826 
Hedge Funds by Category:
   
Multi-strategy (1)
   3.6%   1,593 
Global opportunities (2)
   0.3%   150 
Private investment entities and/or separately managed accounts (3)
   1.4%   639 
  
 
 
  
 
 
 
   52.7%  $23,398 
  
 
 
  
 
 
 
 
(1)
This category includes investments in hedge funds that pursue multiple strategies to diversify risks and reduce volatility. Fund objectives are to seek above-average rates of return and long-term capital growth through investments, which are fund of funds with a diversified portfolio of private investment entities and/or separately managed accounts managed by investment managers or achieve superior risk-adjusted capital appreciation over the long-term, generally through an investment, which invests in private investment funds and discretional managed accounts, structured notes, swaps or other similar products. The fair values of the investments in this category have been determined using the net asset value per share of the fund(s).
(2)
This category has an investment strategy to pursue a hybrid absolute return via portfolio managers, secondaries, and
co-investments
with a flexible and opportunistic mandate tactically allocating capital to look to capitalize on market dislocations and inefficiencies. The opportunities are expected to fall within the following strategies: Niche Alternatives and Private Credit and Hedge Fund secondaries. The fair value of the investments in this category have been determined using the last sales price, for listed securities, and in accordance with the agreement terms for portfolio-managed investments, notes, swaps, and other similar products.
(3)
The Fund’s investment objective is to invest in highly attractive, select investment opportunities by maintaining investments through private investment entities and/or separately managed accounts (each, an Investment or a Portfolio and collectively, the Investments or the Portfolios) with investment management professionals (each a Manager and collectively, the Managers) specializing in various alternative investment strategies. The Managers have broad investment experience and the ability to leverage their existing relationships with corporate management teams, investment banks and other institutions to gain access to certain investment opportunities. As such, the Manager is presented with “best idea” investment opportunities, typically in asset classes where market dislocations or other events have created attractive investment opportunities. The Managers are not restricted in the investment strategies that they may employ across different asset classes and regions. The Manager anticipates that any number of strategies will be eligible for consideration for investment by the Fund and the Fund reserves the right to invest in any particular strategy or asset class it deems appropriate.
Components of Net Periodic Benefit Cost
   
Defined Benefit
 
Pension Plan
  
Supplemental Insurance/
Retirement Plan
 
 
  
2019
  2018  
2019
  2018 
(dollars in thousands)
 
 
 
 
Change projected in benefit obligation
     
Benefit obligation at beginning of year
  
$
40,509
 
 $47,065  
$
40,405
 
 $42,579 
Service cost
  
 
1,103
 
  1,411  
 
1,024
 
  1,107 
Interest cost
  
 
1,892
 
  1,481  
 
1,926
 
  1,386 
Actuarial (gain)/loss
  
 
7,099
 
  (8,263)  
 
7,537
 
  (3,591) 
Benefits paid
  
 
(1,169
) 
  (1,185)  
 
(916
) 
  (1,076) 
  
 
 
  
 
 
  
 
 
  
 
 
 
Projected benefit obligation at end of year
  
$
49,434
 
 $40,509  
$
49,976
 
 $40,405 
  
 
 
  
 
 
  
 
 
  
 
 
 
Change in plan assets
     
Fair value of plan assets at beginning of year
  
$
44,437
 
 $48,422   
Actual return
(loss)
on plan assets
  
 
8,392
 
  (2,800)   
Employer contributions
  
 
—
 
  —   
Benefits paid
  
 
(1,169
) 
  (1,185)   
  
 
 
  
 
 
   
Fair value of plan assets at end of year
  
$
51,660
 
 $44,437   
  
 
 
  
 
 
   
(Unfunded) Funded status
  
$
2,226
 
 $3,928  
$
(49,976
) 
 $(40,405) 
  
 
 
  
 
 
  
 
 
  
 
 
 
Accumulated benefit obligation
  
$
49,434
 
 $40,509  
$
45,238
 
 $36,984 
  
 
 
  
 
 
  
 
 
  
 
 
 
Weighted-average assumptions as of December 31
     
Discount rate—Liability
  
 
3.71
% 
  4.76%  
 
3.71
% 
  4.79% 
Discount rate—Expense
  
 
4.76
% 
  3.49%  
 
4.79
% 
  3.42% 
Expected return on plan assets
  
 
7.50
% 
  8.00%  
 
NA
 
  NA 
Rate of compensation increase
  
 
4.00
% 
  4.00%  
 
4.00
% 
  4.00% 
Components of net periodic benefit cost
     
Service cost
  
$
1,103
 
 $1,411  
$
1,024
 
 $1,107 
Interest cost
  
 
1,892
 
  1,481  
 
1,926
 
  1,386 
Expected return on plan assets
  
 
(3,275
) 
  (3,813)  
 
—  
 
  —   
Recognized prior service cost
  
 
—  
 
  (100)  
 
114
 
  114 
Recognized net losses
  
 
916
 
  904  
 
435
 
  706 
  
 
 
  
 
 
  
 
 
  
 
 
 
Net periodic cost (benefit)
  
$
636
 
 $(117)  
$
3,499
 
 $3,313 
  
 
 
  
 
 
  
 
 
  
 
 
 
Other changes in plan assets and benefit obligations recognized in other comprehensive income
     
Amortization of prior service cost
  
$
—  
 
 $100  
$
(114
) 
 $(114) 
Net (gain) loss
  
 
1,066
 
  (2,554)  
 
7,101
 
  (4,298) 
  
 
 
  
 
 
  
 
 
  
 
 
 
Total recognized in other comprehensive income
  
 
1,066
 
  (2,454)  
 
6,987
 
  (4,412) 
  
 
 
  
 
 
  
 
 
  
 
 
 
Total recognized in net periodic benefit cost and other comprehensive income
  
$
1,702
 
 $(2,571)  
$
10,486
 
 $(1,099) 
  
 
 
  
 
 
  
 
 
  
 
 
 
Summary of Defined Pension Plan and Supplemental Insurance Retirement Plan
   
Plan
  
December 31, 2019
Supplemental
Plan
  
Total
  Plan  
December 31, 2018
Supplemental
Plan
  Total 
(dollars in thousands)                   
Prior service cost
  
$
—  
 
 
$
(307
) 
 
$
(307
) 
 $—    $(421)  $(421) 
Net actuarial loss
  
 
(12,920
) 
 
 
(17,971
) 
 
 
(30,891
) 
  (11,854)   (10,870)   (22,724) 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Total
  
$
(12,920
) 
 
$
(18,278
) 
 
$
(31,198
) 
 $(11,854)  $(11,291)  $(23,145) 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Summary of Accumulated Other Comprehensive Loss Expected to be Recognized
 
The following table summarizes the amounts included in Accumulated Other Comprehensive Loss at December 31, 2019, expected to be recognized as components of net periodic benefit cost in the next year:
 
   Plan   Supplemental
Plan		 
Amortization of prior service cost to be recognized in 2020
  $—     $114 
Amortization of loss to be recognized in 2020
  
 
1,041   $849